Twitter, Tesla lower, in line; TiVo, Alcoa to price; Alere shares surge; Golar turns heads

By Rebecca Melvin

New York, Sept. 15 – Twitter Inc.’s convertible bonds, which debuted in the market on Friday, were notably lower on an outright basis but were trading in line, or flat, on a hedged basis on Monday against lower shares. The same was true of Tesla Motors Inc.’s newer A and B tranches, which were said to be trading flat against a $25.00 drop in the underlying shares.

Central bankers are set to meet tomorrow for their routinely scheduled Federal Open Market Committee meeting. The Fed’s statement and a press conference with Fed chairman Janet Yellen are slated for Wednesday.

After the market close, two new deals were launched in the primary market. TiVo Inc. launched an offering of $200 million of five-year convertible senior notes, and Alcoa Inc. launched an offering of $1.25 billion of three-year mandatory convertible preferred shares. Both deals were seen pricing after the market close on Tuesday.

Back in the secondary market on Monday, Alere Inc.’s convertibles were in focus as shares of the Waltham, Mass.-based diagnostics and services company surged 13% on news the company’s former chief executive officer, Ron Zwanziger, is working with shareholders to buy the company and take it private for $46.00 a share.

Another name getting a look from market players was Golar LNG Ltd., which has a Regulation S bond that was looking cheap and hedge-able following the company’s secondary offering of common stock earlier this month.

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